Change in company ownership
84(1)Section 692 (introduction to Chapter 4) is amended as follows.
(2)In subsection (1), for paragraph (b) substitute—
“(b)the following are met—
condition 1, and
conditions 2 and 3 or condition 4.”
(3)In subsection (4)(a), for “3” substitute “5”.
(4)After subsection (4) insert—
“(4A)Condition 4 is that a chargeable gain on a disposal of an asset within the period of 5 years beginning immediately after the change in ownership (or an amount of such a gain) is treated as accruing to the company by virtue of an election under section 171A of TCGA 1992 (election to reallocate gain or loss to another member of the group).
(Accordingly, references in this Chapter to the accrual of a relevant gain are to be read in the light of section 171B(2) and (3) of TCGA 1992.)”
(5)In subsection (7), in the definition of “the relevant gain”, for “within subsection (4)(a) or (b)” substitute “(or amount of a gain) within subsection (4)(a) or (b) or (4A)”.
(6)The amendments made by this paragraph do not have effect unless the change in ownership referred to in section 692(1) occurs on or after 1 April 2017.